|InteracÂ® Direct Payment
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Definition of InteracÂ® Direct Payment
InteracÂ® Direct Payment
Instead of paying with cash or a credit card, interac direct payment allows you to pay for your purchase with a debit card, such as your bank card. The amount of the purchase is electronically debited, or withdrawn, from your bank account (see debit card).
A card which enables you to directly access your bank account when paying for purchases. So instead of paying in cash or with a credit card, a debit card allows the specified amount of the purchase to be electronically debited, or withdrawn, from your bank account. See interac direct payment for an explanation of the actual procedures that you follow at the point of sale (POS) terminal to use your debit card.
The terminal at which a customer uses his/her debit card to make a direct payment transaction. See also interac direct payment.
A statistical compilation formulated by a sovereign nation of all economic transactions
The lease payment at which a party to a prospective lease is indifferent between
The prepayment rate of a MBS coupon that will produce the same CFY as that of
A computerized clearing system for sterling funds
An international wire transfer system for high-value
A bond's interest payments.
Date dividend checks are mailed.
A transaction in which the buyer's payment for securities is due at the time of
A method of cash budgeting based on detailed estimates of cash receipts and cash
Lease in which the lessor purchases new equipment from the manufacturer and leases it to the
Commercial paper sold directly by the issuer to investors.
Selling a new issue not by offering it for sale publicly, but by placing it with one of several
For foreign exchange, the number of U.S. dollars needed to buy one unit of a foreign currency.
Direct search market
Buyers and sellers seek each other directly and transact directly.
Direct stock-purchase programs
The purchase by investors of securities directly from the issuer.
FHA prepayment experience
The percentage of loans in a pool of mortgages outstanding at the origination
Foreign direct investment (FDI)
The acquisition abroad of physical assets such as plant and equipment, with
Graduated-payment mortgages (GPMs)
A type of stepped-payment loan in which the borrower's payments
For foreign exchange, the number of units of a foreign currency needed to buy one U.S.$.
Contractual debt payments based on the coupon rate of interest and the principal amount.
Lag response of prepayments
There is typically a lag of about three months between the time the weighted
The date on which each shareholder of record will be sent a check for the declared dividend.
Company-written checks that have not yet cleared.
Reducing fund transfers between affiliates to only a netted amount. Netting can be done on
escribes the lagged collection pattern of receivables, for instance the probability that a
bond A bond that gives the issuer an option (during an initial period) either to make
Also called speed, the estimated rate at which mortgagors pay off their loans ahead of
payments made in excess of scheduled mortgage principal repayments.
Production payment financing
A method of nonrecourse asset-based financing in which a specified
A bond that will make only one payment of principal and interest.
assumption The assumption of payment of scheduled principal and interest with no payments.
Costs that are readily traceable to particular products or services.
Costs that are necessary to produce a product/service but are not readily traceable to particular products or services â€“ see overhead.
A payment made in advance of when it is treated as an expense for profit purposes.
A method of preparing the operating section of the Statement of Cash Flows that uses the companyâ€™s actual cash inflows and cash outflows.
Direct write-off method
A method of adjusting accounts receivable to the amount that is expected to be collected by eliminating the account balances of specific nonpaying customers.
A method of preparing the operating section of the Statement of Cash Flows that does not use the companyâ€™s actual cash inflows and cash outflows, but instead arrives at the net cash flow by taking net income and adjusting it for noncash expenses and the changes from last year in the current assets and current liabilities.
The date established for the payment of a declared dividend.
a cost that is distinctly traceable to a particular cost object
see variable costing
the time spent by individuals who work specifically
a readily identifiable part of a product; the cost of such a part
a service department cost allocation approach
a cost that cannot be traced explicitly to a particular
A cost that can be clearly associated with specific activities or products.
A costing methodology that only assigns direct labor and material costs
Labor that is specifically incurred to create a product.
Direct materials cost
The cost of all materials used in a cost object, such as finished goods.
Direct materials mix variance
The variance between the budgeted and actual mixes of
A member of a companyâ€™s Board of directors.
A cost that is not directly associated with a single activity or event. Such
The cost of any labor that supports the production process, but which is
Checks written by a company that have not yet cleared.
Balance of Payments
The difference between the demand for and supply of a country's currency on the foreign exchange market.
Balance of Payments Accounts
A statement of a country's transactions with other countries.
Taxes paid by consumers when they buy goods and services. A sales tax is an example.
A grant or gift that is not payment for services rendered.
Current Tax Payment Act of 1943
A federal Act requiring employers to withhold income taxes from employee pay.
The direct transfer of payroll funds from the company bank account
Electronic Federal Tax Payment Systems (EFTPS)
An electronic funds transfer system used by businesses to remit taxes to the government.
A format for the operating section of the cash-flow statement that reports actual cash receipts and cash disbursements from operating activities.
Advertising designed to elicit sales to customers who can be
A format for the operating section of the cash-flow statement that
The consideration paid by the lessee to the lessor in exchange for the use of the leased equipment/property. payments are usually made at fixed intervals.
Periodic payments to a supplier, contractor or subcontractor for work satisfactorily performed to date.
The length of time given a borrower by a lender to repay a debt and the frequency of principal payments which the borrower has to meet.
A system where funds are electronically credited to your account by a financial institution or a payroll service. For example, you can arrange with your employer to have your pay cheques automatically deposited into your no fee bank account.
Canada's bank machine and electronic debit system. If you use your bank card at a bank machine which displays the interac symbol (and that bank machine is not your bank's machine), you will be charged a fee.
online bill payment
The electronic payment of a bill via the Internet. The specified amount of the bill is electronically debited from your account.
pre-authorized direct deposit
A system where funds are electronically credited to your account by a financial institution or a payroll service.
A system where funds are electronically debited from your account on a specified date by a financial institution (e.g., bill, mortgage or personal loan payments) or perhaps an insurance or an utility company.
A service which enables you to request a 'stop' on any cheque or other pre-authorized payment, as long as the funds have not yet been disbursed. For example, you might request a stop payment on a post-dated cheque if you no longer need the product or service for which that cheque was initially written.
Automatic Benefits Payment
Automatic payment of moneys derived from a benefit.
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